Ezion

Ezion: Maybank-KE maintains Buy and raises TP to $3.00. The house raise FY15E EPS by 9.2% after factoring in: (1) renewal of liftboat contracts due to expire from FY14E and (2) USD400m worth of new liftboat contract wins in FY14E. Reiterate Buy. Optimism is reinforced by recent proposed asset buybacks. Ezion’s motivation for higher asset ownership suggests strong confidence in contract-win potential. This is also helped by Ezion’s first mover advantage in an under-penetrated liftboat market in the Asia and Middle East region. Ezion remains one of the house preferred picks for 2014.